Trade Setup for March 9: Nifty slips below 24,500, forms a bearish candle on the daily chart

Indian equities extended their losses on Friday with the Nifty closing at its lowest level since August 2025. Analysts warn the index could slide toward 24,000 if selling pressure persists and crude oil prices continue to surge.

Indian benchmark indices ended sharply lower on Friday, with the NIFTY 50 declining 315 points to close at 24,450, marking its lowest closing level since August 29, 2025. The drop came after a brief pause in the market’s downward trend earlier in the week, as investors remained cautious amid rising geopolitical tensions and surging oil prices.

The session effectively reversed Thursday’s rebound. The Nifty opened 109 points lower following weak global cues and traded within a narrow 130-point range for much of the morning session. However, selling pressure intensified in the afternoon.

After 2:30 pm, the index slipped more than 200 points from its mid-session high and ended the day near its intraday low, reflecting persistent bearish sentiment in the market.

Stock and sector performance

Among index heavyweights, Bharat Electronics, ONGC and Reliance Industries emerged as the top gainers, helping cushion some of the losses. On the other hand, ICICI Bank, Eternal and Shriram Finance were among the biggest laggards, dragging the benchmark lower.

Most sectoral indices finished in negative territory. Financial Services, Banking and Realty sectors recorded the steepest declines, while NIFTY IT was the only major sectoral index to end in the green.

The broader market showed relatively better resilience compared with the frontline index. The NIFTY Midcap 100 fell 0.69%, while the NIFTY Smallcap 100 slipped 0.24%.

Oil prices and geopolitics in focus

Market participants are closely monitoring developments in West Asia and their potential impact on global energy supplies. Crude oil prices have been rising sharply amid fears of supply disruptions, with prices approaching the $100-per-barrel mark.

Higher oil prices typically raise concerns about inflation, fiscal balances and corporate margins, making investors more risk-averse.

Technical outlook for Nifty

Market analysts say the latest price action indicates that the brief bullish sentiment seen earlier in the week has largely dissipated.

According to Nagaraj Shetti of HDFC Securities, the recent movement suggests that the index could retest Wednesday’s low of around 24,300 in the near term. Immediate resistance is seen near 24,700.

Nilesh Jain of Centrum Finverse noted that the Nifty slipped below the 24,500 level and formed a bearish candle on the daily chart. He identified 24,300 as the next key support level, adding that a decisive breakdown below this point could push the index toward 24,000.

On the upside, Jain said a recovery above 24,800 may trigger short covering toward the 25,000 mark, though the broader structure remains weak.

Rupak De of LKP Securities also highlighted that the rebound in the previous session lacked conviction, which led to renewed selling on Friday. He added that the index continues to trade below its previous swing low, indicating sustained weakness.

According to De, the Nifty could drift toward 24,000 or even lower in the near term if bearish momentum persists. Resistance remains firmly placed near 25,000, and until that level is reclaimed decisively, the market is likely to favour a sell-on-rise strategy.

Key levels to watch

Nandish Shah of HDFC Securities said Friday’s close marks the lowest point in the ongoing downswing, reflecting rising uncertainty in Indian equities.

He identified support levels at 24,300 and 24,050, while resistance is clustered in the 24,700–24,800 range.

For traders heading into the next session, movements in crude oil prices, geopolitical developments and global market cues are expected to remain the primary drivers of sentiment.